Iran, Chinese consortium sign petrochemical MoU

A trilateral memorandum of understanding (MoU) on providing technical know-how and implementing a project of Iran’s Fanavaran Petro Olefin Company is inked by Navid Shahidinia, acting head of Fanavaran Petro Olefin Company, an affiliate of Fanavaran Petrochemical Company, and a Chinese consortium in the presence of Iran’s National Petrochemical Company (NPC) Managing Director Morteza Shahmirzaei in Tehran on Monday.

Speaking in the meeting, Iran’s National Petrochemical Company (NPC) managing director has highlighted investment opportunities to attract foreign investors.

The investment opportunities in Iran’s petrochemical industry worth around $150 billion will be created for the next 10 years, added Morteza Shahmirzaei, SHANA reported.

The signing of the memorandum with the affiliated companies of the Tamin Petroleum & Petrochemical Investment Company (TAPPICO) marks the start of promoting future cooperation between Iran’s petrochemical sector and Chinese companies.

Neighboring and like-minded countries have the opportunity to cooperate with Iran for investing, developing technologies, and transferring technical know-how, Shahmirzaei continued.

Touching upon the long history of the two countries’ cooperation, the NPC CEO expressed his gratitude to the Chinese government and companies for defying some countries’ unilateralism.

Chinese companies can cooperate in Iran’s petrochemical development projects in Mahshahr, Assaluyeh, Jask, and Makran hubs, he pointed out.

Underlining NPC’s policy on indigenizing all types of technical know-how, catalysts, and equipment, he said, “The signing of the MoU is also in line with the company’s policy and aimed at speeding up the development of the industry and completion of its value chain.”

The trilateral MoU was inked by Navid Shahidinia, acting head of Fanavaran Petro Olefin Company, an affiliate of Fanavaran Petrochemical Company, and the Chinese consortium in the presence of the NPC chief.